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NEWS: shops set for closure

DSG International is set to close 77 of its 177 (opens in new tab) shops over the next five years. This isn't just so DSG can have a round 100 stores, but is in fact an attempt to trim the company's costs by £50m.

John Browett, DSG's chief executive, said: "Customers have become increasingly promotion and deal driven, impacting gross margins." Damn you deal-finding consumers!

The announcement came as DSG reported a 1% rise in like-for-like sales for the year up to 3 May. Despite this, the company's shares took an 11% tumble at the news of the planned shop closures.

Earlier this year the company issued two profit warnings, blaming the credit crunch for a challenging trading environment.

On the plus side, existing, Currys and PC World stores will be getting a new lick of paint in the transformation process.

Technorati Tags:, DSG, PC World, DSG

Joe Cox
Joe Cox

Joe is Content Director for Specialist Tech at Future and was previously the Global Editor-in-Chief of What Hi-Fi?. He has worked on What Hi-Fi? across print and online for more than 15 years, writing news, reviews and features. He has covered product launch events across the world, from Apple to Technics, Sony and Samsung, reported from CES, the Bristol Show and Munich High End for many years, and provided comment for sites such as the BBC and the Guardian. In his spare time he enjoys playing records and cycling (not at the same time).